LQDFX Review: Closed, Rebranded to PlexyTrade, and Still Unregulated

LQDFX no longer operates. It was an offshore, unregulated forex and CFD broker that the UK’s Financial Conduct Authority warned about, that appeared on the US CFTC’s deficiency list, and that in 2024 was wound down and rebranded as PlexyTrade. The successor brand is just as unregulated, and has since drawn its own FCA warning. If you are researching LQDFX, here is the full picture and why we do not recommend it or its successor.

Is LQDFX regulated, and does it still exist?

No, on both counts. LQDFX was never regulated by any genuine financial authority, and it has now ceased trading under its own name.

The record is clear:

• FCA warning (22 November 2022). The UK’s Financial Conduct Authority published a warning that LQDFX was providing financial services in the UK without authorisation. UK clients had no FSCS protection and no access to the Financial Ombudsman.
• CFTC RED List (4 December 2019). The US Commodity Futures Trading Commission added LQDFX to its Registration Deficient list for soliciting US customers without registration.
• No valid licence anywhere. LQDFX was once registered with the Marshall Islands Registry, but that registration was annulled. It later pointed to a Saint Vincent and the Grenadines registration, but the SVG authority does not licence or regulate forex activity at all. A company registration is not a financial licence.

In short, LQDFX operated for years with no real oversight, and traders reported serious problems, including frozen accounts and blocked withdrawals.

What LQDFX became: PlexyTrade

In 2024, LQDFX was acquired and rebranded as PlexyTrade, with clients and staff migrated across. Importantly, the rebrand did not fix the underlying problem. PlexyTrade is also unregulated:

• It is registered only as a Saint Lucia shell company (an IBC registration number, not a financial licence), and independent checks confirm it is not registered with Saint Lucia’s FSRA or with Montenegro’s central bank, despite listing a Montenegro office.
• The UK’s FCA published a fresh warning against PlexyTrade on 27 August 2025, again for providing or promoting financial services in the UK without authorisation.
• It holds no licence from any top-tier regulator such as the FCA, ASIC, CySEC, or CFTC, and continues to attract withdrawal-denial and account-closure complaints.

So the brand changed, but the regulatory reality did not. Anyone directed from LQDFX to PlexyTrade is dealing with an equally unregulated operation that has its own regulator warning on file.

The risks

• No regulation, no protection. Neither LQDFX nor PlexyTrade is licensed by a top-tier authority. There is no compensation scheme and no ombudsman.
• Two FCA warnings across the two brands. The regulator flagged LQDFX in 2022 and PlexyTrade in 2025.
• Crypto-only funding. Deposits run through crypto, which is effectively irreversible, leaving little recourse if a withdrawal is refused.
• A documented complaint pattern. Both brands carry reports of frozen accounts, denied withdrawals, and vague “rule violation” justifications.

Conclusion

LQDFX is a closed chapter, but not a clean one. It was an unregulated offshore broker, warned about by the FCA and listed by the CFTC, and it has been rebranded into PlexyTrade, which is no safer and carries its own FCA warning. We do not recommend LQDFX or PlexyTrade. If you want to trade, choose a broker regulated by a top-tier authority whose licence you can verify on the regulator’s own register.

Frequently asked questions

Is LQDFX still operating?
No. LQDFX ceased trading and was rebranded as PlexyTrade in 2024, with clients migrated to the new brand.

Was LQDFX regulated?
No. It was never regulated by a top-tier authority. The FCA warned about it in November 2022, and it was on the CFTC’s RED List from December 2019.

Is PlexyTrade, the successor, any safer?
No. PlexyTrade is also unregulated, registered only as a Saint Lucia shell company, and the FCA issued a warning against it in August 2025.